Truth234:
The Central Bank of Nigeria, CBN, on Monday sold another $190 million to meet customers’ requests in various forex segments.

The apex bank which injected $831.5 million into the interbank forex market last week said it would soon introduce a new forex retail option.

Speaking on the disbursement, the acting Director, Corporate Communications, Mr Isaac Okorafor, said in a statement in Abuja that the apex bank sold $100 million to authorised forex dealers through the interbank market, while $50 million was offered to Small and Medium Enterprises window.

Accordingly, the invisibles segment was appropriated $45 million to meet demands for business/personal travel allowances, school tuition and medicals.

The CBN reaffirmed its commitment to the ongoing forex policy and insist on transparency to guarantee stability in the foreign exchange market.

Since the Investors and Exporters forex window was launched in April, the CBN has aided transactions by contributing 30 percent of the total forex volume traded on the window, boosting total volume of trade to $2.2 billion.

This has helped increase forex liquidity and subsequently improved consumer prices which measure inflation to 12 months low of 16.25 percent in May from 17.24 percent in April.

Also, in an effort to further reduce inflation rate, the CBN last week announced a plan to mop up N200.32 billion from the banking system through Open Market Operation.

However, the Statistician General of the Federation, Dr. Yemi Kale said the economy will be out of recession in 2018, provided oil prices do not collapse and Niger Delta remains stable.

While his projection is more conservative than other experts, the statistician said; “Inflationary slowdown does not mean prices are coming down. Inflation by definition is always a rise in price. All we are saying is that the increase is decelerating.”

“Before it rose by 100 percent, but this time it went up by 50 per cent. As such, having double-digit inflation figure is still a huge problem. The fact that it went down from over 18 per cent to 17 per cent and now to 16 per cent shows improvement. But I can tell you 16 percent is not good,” he said.

The Naira appreciated to N364 against the dollar from N370 it traded last week.

http://investorsking.com/cbn-injects-another-190m-into-forex-market/

LionDeLeo:
Yeah, they should increase the tempo.

But when are they increasing withdrawal from Naira-denominated account from $100?

mangala14:
Although I'm limited in the knowledge of economics and forex trading, I really don't see this injections of dollar into the economic as a remedy for the current inflation and economic downturn. This is just a quick fix that won't take us anywhere.
We need concrete policy to tackle the problem from the root not all this cosmetic approach.

Konnektions146:
Onatisi,

With due respect Sir, what are you saying?

Everything in Nigeria is fx dependent,
We cry that USD/ NGN exchange is high and that's why cost of living and doing business is also high, CBN tried to make things better and yet we complain and whine, even business people refuses to bring down cost of items and when you ask, they say it's old stock
..please tell me, whose fault?

You may call it senseless but it's actually working, you do FX and I understand where you are coming from but must we cos of our personal wants discredit what good they are doing?

Injecting into the FX market sure ain't the beat option but it has proven to work, what if they did wat IMF and works bank advised, USD would be over 1000naira by now and we suffer more,

I guess the CBN is using this method to buy time, as soon as the dangote refinery and other modar refineries come in stream, they will ease off these injection, then we have less pressure on FX.

Don't forget over 50% of our fx goes to importation of refined petroleum products

By late next year, we can even export and earn FX.

So,let us not always be blinded by our personals and have a positive outlook to events

Cheers

LionDeLeo:
Yeah, they should increase the tempo.

But when are they increasing withdrawal from Naira-denominated account from $100?

onatisi:

Baba mi, what is needed to move the economy forward isnt this. What the nation needs now is productivity and the rates you are seeing now arent the true reflection of the economy that is the major rreason why fdis wont come in now and we need the fdis. What is needed is massive funding of projects to boost the nation production base and get ppl more employed. Do you really know the impact 6 billion dollars would have had on the economy if judiciously spent on good projects? 6 billion is like over 1 trillion naira , massive road constructions ,give loans to farmers, fund the construction projects that employs massively. When ppl are working the economy will improve. This government is only funding importation.

Konnektions146:


Okay,

Did you know that the FDIs are not coming as they should cos of the instabilities, also because of the advices from those IMF peeps, check Egypt, Venezuela,
I understand we need to fund project to grease the economy but FX plays a huge role .

I heard on the news yesterday that 350b would be released as first tranche​ to MDAs for projects as part of 2017 budget implementation, I think it's cool but they should make it faster, also there should be some commitments from the bosses at the helm to use the monies well.

The 6b NGN was sold, not dashed out, invariably meaning that CBN is selling their FX which Must also be sold eventually cos we use Naira here and not foreign currencies,.

So , I would think that our focus should be, making the economy more liquid by project financing and massive construction, and that would be done by the MDAs,


How sincere are we to make it work?

Governance is a wholesome task, CBN has it's role,ministries has, judiciary also does have.....



Listening to world Bank and IMF would get us where Venezuela is currently, and I bet, we still gonna complain

Let Dem manage the economy/fx as it currently is and it can only get better

onatisi:
senseless waste of scarce fx funds. they have injected over 6billion dollars within the last 3 months and yet the masses arent feeling the impact. so what basically is the main reason of all these so called injections when it isnt reflecting in the overall economy of the nation? companies are still closing down daily and ppl keep getting sacked from their work place due to companies inability to operate in the nation business environment? when will the ppl start seeing the effect of all these billions of dollars been doled out weekly?

Konnektions146:
Onatisi,
I guess the CBN is using this method to buy time, as soon as the dangote refinery and other modar refineries come in stream, they will ease off these injection, then we have less pressure on FX.

Don't forget over 50% of our fx goes to importation of refined petroleum products

By late next year, we can even export and earn FX.

So,let us not always be blinded by our personals and have a positive outlook to events

Cheers